Wednesday, February 26, 2014

How to Price Your North Shore Real Estate Right to Sell!

With the spring market nearly upon us, many homeowners on Chicago's North Shore are faced with the decision of listing their home on the real estate market this year or waiting a bit longer. As a North Shore Realtor, I often see many homes listed by others fail to sell - Primarily due to not being priced correctly. There are many factors that go into pricing North Shore real estate properly to ensure that it sells quickly and all parties are satisfied with the final sale price. Here are just a few of the ultra-important aspects of selling to consider when deciding on a list price with your North Shore Realtor this year:

-Neighborhood Comps. Comparable homes in your neighborhood, known in the industry as "comps", are similar dwellings nearby that were recently sold, are currently for sale or were for sale on the real estate market but since removed. These figures will dictate the price point at which you should list your North Shore real estate in order to expect a sale. Many potential buyers aren't just looking at your home - They are also looking at similar homes in the nearby area, and if yours isn't priced to compete with your competition then there may not be as much interest. 

-Remember what's important. The price you paid for your North Shore real estate, the amount spent on repairs and renovations and what you may have been able to get for your home years ago are not relevant to today. The real estate market is constantly changing and staying savvy to the factors that sway the market is essential for understanding how to price your home. A major remodeling project may be relevant to your list price, but only if your house was significantly improved or your living space expanded as a result (i.e. finishing the basement, finishing an attic space, building an addition, etc) - Simply adding granite countertops or hardwood flooring doesn't count for a big uptick in your home's price tag. 

-Consider the appraisal. Remember, even after you sign a contract with a potential buyer, your North Shore real estate must appraise for its price. Typically, the only way around an appraisal is if your buyer is a cash buyer or if they are willing to waive any appraisal contingencies. The lending institution can decide against financing your buyer should the home not appraise for its sale price. A good tip to remember is that appraisals are usually based on a myriad of factors, but the sale prices of actual sold comps in your neighborhood are a major driving force behind the figure that your home will come up at. 

As an experienced North Shore Realtor, I can assure you that each step of the selling process will be clear-cut, seamless and stress-free with my team by your side. Please contact me with any questions about selling, buying or Chicago's North Shore real estate market. I look forward to helping homeowners of all types achieve their real estate goals in 2014. 

Janie Bress
Your North Shore Real Estate Expert

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